The country's top lender, the Vietnam Bank for Agriculture and Rural Development (Agribank), has been transformed into a one-member limited company, according to a recent government report.

Under a decision issued by the State Bank of Vietnam, the Hanoi-based lender will continue to have the same rights and obligations as it previously enjoyed as a state-owned lender.

In addition, its charter capital of VND20.7 trillion (US$1.06 billion) is still wholly owned by the state.

Agribank has been ordered by the State Bank of Vietnam to adjust its organizational structure to ensure full compliance with the nation's credit laws, according to the recent report.

Vietnam is expected to speed up the equitization of state-owned companies this year. According to the Finance Ministry, as of the end of last year, 3,944 companies had been equitized and 261 others transformed into one-member limited companies, in which the government remains the sole shareholder.